Alan All bitcoin mining gear is precisely priced to the point of barely breaking even if you do everything right from day 1. If you buy hardware, you are screwed over right from the get-go. This is the real scam about bitcoin.
@@IpostyFun I am successful today cause i took the advise of Mr Robertson Markus, he helped me with all my trades. he is my mentor, he is well dedicated and hardworking, feel free to mail him on 4binaryoption (at)gmail_com
No body with a real job/career is kicking them selves.. For what missing out on an outrageous electric bill and some fake money that can't be spent anywhere they want?? Walk into McDonald's or BestBuy and tell them u want to pay with BIT COIN... LOL... Because in order to make any kind of real money you need to be running at least 10 GPU's and up.. The guy with 1 2 or 3 gpu's is kidding himself. After he pays his electric bill, deals with the bit coin sites and maintenance of the PC's he might have made at the most a $100 that month.. Like I said before in order to make any real money, you would need at least 10 $500 GPU's on possibly 2 different systems, running 24/7...
No one is hating.. LOL I have a career.. I don't need on line/monopoly money.. I need a real live pay check every week.. All I see is a guy walking around someone else's house to make some Pyramid scam Video.. I just want GPU prices to come back down.. I have a real career and plenty of my own money and am very happy working for real..
you still dont understand the importance of investment, with your logic, "why would anyone buy gold? xdd mcdonalds doesnt accept gold as payment so theres no reason to own it"
No one "tells you" what currency is worth. Currency is worth as much as you can buy with it. There are exchange rates, which chance constantly, but there isn't any pegged value that someone can tell you. Also, we don't all agree of the price of metals. We don't really all agree of the price of anything. The price of gold changes constantly and that's one of the main reasons why it is a terrible form of currency in modern economics. The price of gold has dropped almost 20% over the last year. This means anyone using gold as a currency would have lost 20% of their purchasing power (IE: prices would have had a dramatic increase). Commodities are just too volatile to use as currency anymore.
What I find hilarious is the people saying, "well, Bitcoin has no value! it's [practically] worthless!" and yes, that is very true - bitcoin has no practical value in the real world (it's also not even tangible) but so does paper/note currency. If for whatever reason your economy took a nose dive into an abyss, those paper bills used to exchange for goods and services would be practically worthless with the exception of kindling a flame. Gold, silver & other precious metals on the other hand are valued by every civilization on Earth and also have practical value as well.
i didn't care about Bitcoin unless large website such as Amazon, Ebay, or even NCIX and Newegg accept bitcoin (or any cryptocoin) as one of their paying method, i will start to buy (not mining, but buying and trading) bitcoin.
The term is "Fiat Currency". Gold (or any metal for that matter) standard doesn't work because you cannot cut a gold atom into small pieces with the sheer volume of currency needed to the support the current economy.
I'm pretty sure the people that advocate for a society which uses gold standard would rather buy a hundred pounds of meat then go spend $2 on a burger so it is doable
I think you are missing probably the most important reason for using money instead of paying in kind is that money is dividable. Money can be divided to represent the value of one item, a cow can't. You would need to trade loads of loafs of bread for one cow, but then the other person is stuck with 500,000 breads that he doesn't need (he might only need one). Other than this minor addition, great video though! :)
if you have a graphics card, you sign up for a pool that mines the coin that you want, and download cgminer (assuming you're mining scrypt because sha coins are not worth mining with graphics cards), then you make a batch file (.bat) to start the miner, and then just leave it? a simple google search would easily answer these questions but here you go www.minedogecoin.com/
Bitcoins are getting easier to use. You have the exchanges where you can sell them and have the money transferred to your PayPal or bank account. There's also sites that let you buy gift cards for major retailers with bitcoins. And then there's my favorite, it's a prepaid credit card for bitcoins. Just transfer some bitcoins to it and use it any where that accepts credit cards.
Linus, there is a difference between the coins! Dogecoin has extremely fast transactions, while Bitcoin is limited to something like 7 per second. Now Dogecoin isn't going after what Bitcoin was going after. We know Dogecoin won't be the universal currency, but it can become "the internet currency" since it has a low value per coin, extremely fast transaction times, and a really friendly nature. There are other coins, Litecoin being the second biggest in market cap (not popularity), but Litecoin was never meant to be a currency, it was only meant to make people money. Why would you not want ASIC's? They are much more power efficient, don't cut into the GPU market, and they can process transactions at light speed (although that wouldn't matter since Bitcoin is slow as fuck). Well...profits of course! Another notable coin is Vertcoin. This is actually quite an interesting coin, it's taking leaps and bounds to become one of the most innovative crypto-currencies yet, implementing things like Kimoto's dragon difficulty adjustment system, Scrypt-N, and many other things. I think it's going to have a very bright future, but if Dogecoin decides to adopt these features too like they are talking about, it might just blindside Vertcoin and fly to the moon on it's own.
Still confused... Let's say you work at a gas station for $10 an hour. You're getting payed to be at the store, work a register, serve customers and mop floors. At the end of a day you made $80(before tax) because you've done something. But what service or product are you providing wile mining BitCoins? Where does the value come from? What are you getting paid to do and who's paying you? Am I missing something or what? Someone explain please.
Just for a Fun Fact... In Mexico, you can pay your stuff in 7 Eleven or Ghandi Bookstores with Bitcoins via Pademobile, I know this can be likely common for first world countries, but here in Mexico is strange that stores accept digital payment. :D
you guys need to make your videos louder. The typical youtube video is much louder, so when I go to watch another video after this, it's like ungodly loud
He's gotta put food on his table buddy, live with it. It's not like you're paying to watch his content, I don't get all this fuss about TH-camr's having sponsors.
I don't mind it.. when it's like his usual stuff.. 5 secs at the beginning and 5 secs at the end.. this was a little too much and unusual considering his daily content.. just my opinion, no hate :)
pccalcio All the techquickie fast as possible stuff has an audible ad, and since it's as fast as possible...it's gonna be a short amount of content - the audible ad form means it has to be at least a minute long...He puts it at the end so that you can opt to sign out. no harm
pccalcio Oh, alrighty then! But generally I dislike it when viewers complain over ads being a part of the ad and whether the uploader is sponsored by company 'a' or company 'b'. They act as though they're paying through their pockets just to view the content.
On specific coins yes - where the difficulty has increased dramatically, however you can easily mine something like DOGE or the most profitable using a multi pool and convert back to BTC. This is assuming that you don't pay some crazy price for kWh. It took about 2 months to ROI on the cards I have and I continue to make around 1 BTC a month.
Very good video Linus. You managed to cover the major points pretty well for a 'TechQuickie' video. Must take LMG a lot of time to cut these subjects down so it's does take much time for viewers to get the info! As always, fair, informative and amusing (though I often pronounce it DOdGEy) I've been mining since the beginning of December 2013 and I'm active in the new CASHcoin community. I see real potential in this coin in the long-term unlike SO DAMN MANY of these new hype and dump coins.
still not very sure about bitcoin although it is an interesting topic to get into. major problem is mining bitcoin now you definitely need some serious hardware to do it and if that will be a smart investment is the major question we have to ask ourself
I love this channel, but Linus makes an error regarding agreed value of gold/silver round 1:07. "... but unlike metals whose value we all agree on, with money we rely on someone else..." The value of precious metals is subject to an agreement very similar to currency. If we, as a civilisation, all agreed gold wasn't worth much (perhaps due to better options for storing wealth, or more gold being mined), the value would plummet in markets. It has done so in the past. Poppedcollar makes a similar point - that value is never static.
Uhhh kinda depends… you realize originally denominations such as a dollar was 1/20 an ounce of gold? Each government currency was a weight of gold. So originally it was somewhat agreed upon. You bought something for a dollar you just bought it for 1/20th an ounce of gold. I know this comment is ancient, but hope you bought crypto and are rich.
@@Bonanzaking Well... it's nice to matter eight years on from when I wrote. I didn't get crypto, but I'm doing okay As for my comment, my view hasn't changed.
Linus, you are EXCELLENT at presenting information in these videos. Your videos really motivate me to know more because they deliver concise information that is clear and entertaining for me. Thank you so much!
Yes but, they can't lend out money, because every bitcoin has a unique key, so you can't lend out bitcoin you don't own, which would make a difference.
A lot of people in the comments as well as the creators of the video have limited knowledge of what money really is and how it works. But I guess it's good enough for a "quickie" video.
When it comes to this topic I have been really interested because the point of the value of something decreasing or increasing depending on how exeptable it is was awasome . The exchange rate of bitcoins was also really less compared to actual (as in if I wanted to give money to a friend through a bank to bank would have you give a extrobident fee but from bitcoin wallate to wallet it's really less or none at all )
What? Wait... are we not carrying around bolts of cloth anymore? That explains a few things...good summary for folks not familiar with these cryptocurrencies.
Dear Linus, you should devote your life to Dogecoin. You could be a very rich Shibe. Just build a dedicated Dogecoin miner and life the Doge dream. Yours forever, Pat Sajak. #thanks_based_doge
Removing the gold standard abd allowing the government to print money I'd essential to a modern economy. It allows us to control recessions and inflation rather than have the economy do whatever causing extreme lows and extreme highs, both of which are really bad. I hate the idea of cryptocurrency and believe China and Russia did the right thing when banning it. It allows a private firm to print money without consent and removes/ decreases the governments ability to control currency.
I was expecting him to explain differences between bit coin, lite coin, and other currencies. Also, I have been mining lite coin a long time and I'm kinda rich.
So in a theory we have currency that is created by solving puzzles that really don't benefit anyone i.e. money is coming from nothing and it isn't really disappearing ether... Sounds legit.
Exactly my concern as well. Why didn't they link the problems to some real cause? Then the value of the coin could be related to their humanitarian contribution. There are plenty of distributed computing causes already available to choose from.
Just like actual currency, that comes from nothing. Say you get a mortgage from a bank and pay an £8,000 deposit, they lend you £80,000 to buy the house and you have to pay them back with 5% interest or so for 25 years. That money they lent you wasn't actually there, it didn't exist until they issued the credit. The fractional reserve bank, the central bank and reserve allow them to create that money out of thin air as long as they have a certain percentage of it as a deposit. Dollar, Great British Pounds, Euros, whatever its all created the same way. A banker types a number into a computer and "poof" its injected into the economy from nowhere. The modern banking and currency systems are a scam, a giant Ponzi scheme.
Tuberuser187 While I agree that our official currency is screwed up in some ways, I trust it a lot more because I know where my money came from and can remember each hour of work which went into my respect of its value. My aching back and my services are my contribution to our official currency's value. If I do borrow (which I rarely do), I pay it back plus interest and therefore in the end, the work I put into paying off my loan validates the value of the money which originally "came from nothing". What contribution does crypto-crunching provide? Elevated graphics card prices and increased power usage? Doesn't seem like those contributions have any value to society.
ty_ger Crypto Currency won't lead to these periodic big banking crashes, I don't see it putting millions below the poverty line because they lost their jobs. With de-regulation and the repeal of acts like Glass-Steagall we will see more and more of these crashes Besides all your aching back earned you was some of the fake money the banks created out of thin air, you might not borrow personally but the money you earned with the sweat of your brow was created by someone that did and it gets passed around. It might have been a consumer loan or might have been the results of investment banking or derivative trading, did you go and dig some gold out the ground and trade it? I guess not, all we earn for our hard work is monopoly money that only has value while people attribute value to it. When that confidence is lost or the artificial props that maintain the illusion collapse those computer digits and pieces of paper won't even be worth the cost of the electric that runs the server or the value of the paper they are printed on, hyper inflation is no joke and cripples nations. Most industries are either wealth re-distributors, wealth destroyers or currency creators. Very, very few professions are wealth creators and the ones that do have that wealth sucked out of them by the wealth destroyers in the financial system, when they add value to the economy its immediate undermined by the bankers and traders and that wealth is worth less than when it was created. I think a few pissed AMD fanboys doesn't really compare to the all of that bullshit. I should add that I am not trying to call you out or anything, just pointing out that the currencies we use are just as worthless and volatile as Crypto Currency.
Tuberuser187 First, there are no big banks which run on cypto-currency. So your opening premise is absurd. But, to follow your premise, what if Magic The Gathering Online eXchange ("MtGox") was a big bank. When it crashed (which it has already done and taken lots of people's money with it), wouldn't that have already proven your premise wrong? Like I already said, our official currency has some problems, yes. Corruption and greed is at the root of our problems. But, as I said, at least our official currency has a lot of people's daily occupations going into their respect and value of the the currency. Crypto-currency has zero real value because the Crypto-currency does not produce anything useful. Sure, it is a lot of work for your computer to produce the coin, but other than the coin, nothing is produced. All that is "created" is waste and a coin. There is no value to the work. If you think corruption and greed will not affect crypto-currency, you are naive. If you think that some of the currently excessively numerous types of crypto-currency will not crash or fail and subsequently cause many people to lose money, naive once again. If you think that there is no corruption or price fixing currently taking place in the crypto-currency exchanges, naive. Crypto-currency has potential, but it is equally subject to corruption and greed and unfortunately is poorly planned in relation to doing any real work useful to anyone in society. Instead of being useful to the society, crypto-currency is all about me me me and how fast I can make a quick buck while the charade lasts.
i loled at the fact that he showed Mt.Gox and in the BTC community we all knew they were unqualified to operate a Bitcoin exchange and now they are insolvent. Bouyah!
The thing that irks me are all these investment bankers and stock brokers treating bitcoin like stocks. They aren't contributing the work needed to generate the currency, but they're still buying and selling it like crazy, making the value go up, but not increasing the supply. I think there's a possibility of BTC becoming too sought after by 'normal people' who don't understand how cryptocurrencies work and not enough by people who do understand.
***** well, I was more referring to the guys who do nothing but buy and don't help mine the currency. I don't keep up to date with it much, but it just seems like all these people doing nothing buy buying it can't be good for the market.
the problem with a completelly anonymous descentralized criptocurrency is nobody could catch you if you steal a criptowallet or a cryptobank, or the owner of an exchange site decides to close and leave with all the criptocurrency in his servers... who are you going to ask for help to retrieve a currency that is untraceable and anonymous?
No one, that's the drawback! Bitcoin is inherently unsafe against hackers/thiefs and generally unstable (though that used to be alot worse). It's why I usually never keep more than 500$ in my bitcoin wallet at any given time.
the simple solution is to not hand your coins over to someone else to hold. Hold any significant amount of bitcoin yourself in a secure manner, such as a hardware wallet or a paper wallet.
i am just learning about the coin age. seems like there are allot of faithless peoples out there. that need people to tell them something is valuable. it looks interesting, litecoin may be the future ... we'll for me. i may be able to the the 4 r9 290 ... i am still looking into it though
Bitscoins are a bit dodgy now But digital currencies like units might be a thing Oh the fun hackers will have that time(or whatever people likes to take away and what not)
If dogecoin is still around in 20years my life will be complete.
RivalOfAngels your comment will never be forgotten.
see you in 17 years
Wow
it is still around, and got some value. yey
15 years to go
14 years to go
Wait... we "need" clothes?
kinda but some times not really
luke louderback
clothes is in the shelter category
in that case than yes you do
luke louderback I don't know, it's quite a lump to lump hats in with houses.
homes keeps the elements from harming you same with clothes
If i'd invested in crypto when this video was posted I could be freaking retired now.
Jonathan Chappell then why didn't you?
Xd
hope you invested right after making that comment
@@Atsumari 40k now lol
@@theelastmelon 56k today lol
Don't forget to buy {insert coin you hold here} comments...
You guys should build a bitcoin mining rig on Linus Tech Tips
***** They might get special deals on hardware though.
+Dennis W but not electricity?
Wen Jenq Chen Probably not.
+Matthew Andrews
1 raspberry pi
2 powered usb expander
3 usb block erupters
4 ???
5 PROFIT!!!
Alan All bitcoin mining gear is precisely priced to the point of barely breaking even if you do everything right from day 1. If you buy hardware, you are screwed over right from the get-go. This is the real scam about bitcoin.
I was hoping you would go into how Bitcoin works. You explained money itself, but not the things you actually put into the title of the video. :(
Your right kinda annoying he didn't go into detail on the mining.
Dogecoin? Really? That's it. I'm fucking done with the internet.
I'll be seeing you from the Moon.
Same.
SirCrest Crest pls
It's ok, you won't last without us for very long
wow
Pfft, Linus it's not pronounced dogecoin, it's dogecoin.
dude, typing doesnt work that way. x)
IpostyFun wooooooosh XD
@@IpostyFun I am successful today cause i took the advise of Mr Robertson Markus, he helped me with all my trades. he is my mentor, he is well dedicated and hardworking, feel free to mail him on 4binaryoption (at)gmail_com
Such Dogecoin, much value, so mine wow
That's my job.
yoooooooooooo
here from the future... doge at $0.079 lmfaooo
here we are
Holy cow
guess you haters are kicking yourselves now 2 years later. ...
Yes4Motivation even more so now being worth over 10,000$
No body with a real job/career is kicking them selves.. For what missing out on an outrageous electric bill and some fake money that can't be spent anywhere they want?? Walk into McDonald's or BestBuy and tell them u want to pay with BIT COIN... LOL... Because in order to make any kind of real money you need to be running at least 10 GPU's and up.. The guy with 1 2 or 3 gpu's is kidding himself. After he pays his electric bill, deals with the bit coin sites and maintenance of the PC's he might have made at the most a $100 that month.. Like I said before in order to make any real money, you would need at least 10 $500 GPU's on possibly 2 different systems, running 24/7...
lol u know u can buy coins on exchanges with USD and transfer back to USD... u are very informed... lolol
No one is hating.. LOL I have a career.. I don't need on line/monopoly money.. I need a real live pay check every week.. All I see is a guy walking around someone else's house to make some Pyramid scam Video.. I just want GPU prices to come back down.. I have a real career and plenty of my own money and am very happy working for real..
you still dont understand the importance of investment, with your logic, "why would anyone buy gold? xdd mcdonalds doesnt accept gold as payment so theres no reason to own it"
No one "tells you" what currency is worth. Currency is worth as much as you can buy with it. There are exchange rates, which chance constantly, but there isn't any pegged value that someone can tell you. Also, we don't all agree of the price of metals. We don't really all agree of the price of anything. The price of gold changes constantly and that's one of the main reasons why it is a terrible form of currency in modern economics.
The price of gold has dropped almost 20% over the last year. This means anyone using gold as a currency would have lost 20% of their purchasing power (IE: prices would have had a dramatic increase). Commodities are just too volatile to use as currency anymore.
What I find hilarious is the people saying, "well, Bitcoin has no value! it's [practically] worthless!" and yes, that is very true - bitcoin has no practical value in the real world (it's also not even tangible) but so does paper/note currency.
If for whatever reason your economy took a nose dive into an abyss, those paper bills used to exchange for goods and services would be practically worthless with the exception of kindling a flame.
Gold, silver & other precious metals on the other hand are valued by every civilization on Earth and also have practical value as well.
Paper money is backed up by gold reserves.
"Well bitcoin has no value!"
Two years later...
1 BTC = ~$17,000
I bet Audible don't accept cryptocurrency :P
Wow such value, much current, many pays.
lol Linus, "central branks" 1:53 :)
i didn't care about Bitcoin unless large website such as Amazon, Ebay, or even NCIX and Newegg accept bitcoin (or any cryptocoin) as one of their paying method, i will start to buy (not mining, but buying and trading) bitcoin.
surf to overstock.com or tigerdirect.com right now and a magical world will open for you.
I'm pretty sure Newegg is already accepting it.
The term is "Fiat Currency". Gold (or any metal for that matter) standard doesn't work because you cannot cut a gold atom into small pieces with the sheer volume of currency needed to the support the current economy.
I'm pretty sure the people that advocate for a society which uses gold standard would rather buy a hundred pounds of meat then go spend $2 on a burger so it is doable
Very Currency Wow Much explanation How Money So Crypto To the Moon
Dammit Linus! Droppin that Audiable ad on us like that...cold man.
You forgot the Glorious Gabencoins.
I think you are missing probably the most important reason for using money instead of paying in kind is that money is dividable. Money can be divided to represent the value of one item, a cow can't. You would need to trade loads of loafs of bread for one cow, but then the other person is stuck with 500,000 breads that he doesn't need (he might only need one). Other than this minor addition, great video though! :)
Reading all the Adrian Mole books to my mother while she was making our dinner are some of my best adolescent memories...
I still don't get how you "mine" for coins
if you have a graphics card, you sign up for a pool that mines the coin that you want, and download cgminer (assuming you're mining scrypt because sha coins are not worth mining with graphics cards), then you make a batch file (.bat) to start the miner, and then just leave it? a simple google search would easily answer these questions but here you go www.minedogecoin.com/
your computer solves problems to mine the coins
google it
you know there is something like 'google' right? search and you'll get an answer within a sec.
damn you are one bitter little critter...
Bitcoins are getting easier to use. You have the exchanges where you can sell them and have the money transferred to your PayPal or bank account. There's also sites that let you buy gift cards for major retailers with bitcoins. And then there's my favorite, it's a prepaid credit card for bitcoins. Just transfer some bitcoins to it and use it any where that accepts credit cards.
Dogecoin is the best coin
In doge we believe
Long live the doge
God save the doge
God bless dogecoin
Wow
Linus, there is a difference between the coins! Dogecoin has extremely fast transactions, while Bitcoin is limited to something like 7 per second. Now Dogecoin isn't going after what Bitcoin was going after. We know Dogecoin won't be the universal currency, but it can become "the internet currency" since it has a low value per coin, extremely fast transaction times, and a really friendly nature.
There are other coins, Litecoin being the second biggest in market cap (not popularity), but Litecoin was never meant to be a currency, it was only meant to make people money. Why would you not want ASIC's? They are much more power efficient, don't cut into the GPU market, and they can process transactions at light speed (although that wouldn't matter since Bitcoin is slow as fuck). Well...profits of course!
Another notable coin is Vertcoin. This is actually quite an interesting coin, it's taking leaps and bounds to become one of the most innovative crypto-currencies yet, implementing things like Kimoto's dragon difficulty adjustment system, Scrypt-N, and many other things. I think it's going to have a very bright future, but if Dogecoin decides to adopt these features too like they are talking about, it might just blindside Vertcoin and fly to the moon on it's own.
That was an amazing explanation about currency and why we need it. Simple and to the point.
Still confused...
Let's say you work at a gas station for $10 an hour. You're getting payed to be at the store, work a register, serve customers and mop floors. At the end of a day you made $80(before tax) because you've done something.
But what service or product are you providing wile mining BitCoins? Where does the value come from? What are you getting paid to do and who's paying you?
Am I missing something or what? Someone explain please.
if only you had understood :)
Just for a Fun Fact... In Mexico, you can pay your stuff in 7 Eleven or Ghandi Bookstores with Bitcoins via Pademobile, I know this can be likely common for first world countries, but here in Mexico is strange that stores accept digital payment. :D
you guys need to make your videos louder. The typical youtube video is much louder, so when I go to watch another video after this, it's like ungodly loud
best explanation of currency to date....
Almost half of the video is a commercial ad...
Fifth of the video :)
He's gotta put food on his table buddy, live with it. It's not like you're paying to watch his content, I don't get all this fuss about TH-camr's having sponsors.
I don't mind it.. when it's like his usual stuff.. 5 secs at the beginning and 5 secs at the end.. this was a little too much and unusual considering his daily content.. just my opinion, no hate :)
pccalcio All the techquickie fast as possible stuff has an audible ad, and since it's as fast as possible...it's gonna be a short amount of content - the audible ad form means it has to be at least a minute long...He puts it at the end so that you can opt to sign out. no harm
pccalcio Oh, alrighty then! But generally I dislike it when viewers complain over ads being a part of the ad and whether the uploader is sponsored by company 'a' or company 'b'. They act as though they're paying through their pockets just to view the content.
its already past the point where you waste more on your electric bill than you generate from the coins.
well, considering im making enough from mining to cover my entire electricity bill, i very much doubt that
Asuna Yuuki AYYYOOOOO BITCH!!!!
you need something, bitch?
lol i was ayyoooo-ing the other dude.
On specific coins yes - where the difficulty has increased dramatically, however you can easily mine something like DOGE or the most profitable using a multi pool and convert back to BTC. This is assuming that you don't pay some crazy price for kWh. It took about 2 months to ROI on the cards I have and I continue to make around 1 BTC a month.
What's the difference between bitcoin and bitcoin cash?
1:55 wtf is up with the alphabet on the x axis lol
Good mostly nonpolitical explanation of cryptocurrency and central banks.
Damn this was 7 years ago
Did that e-wallet have a fan?
Very good video Linus. You managed to cover the major points pretty well for a 'TechQuickie' video.
Must take LMG a lot of time to cut these subjects down so it's does take much time for viewers to get the info!
As always, fair, informative and amusing (though I often pronounce it DOdGEy)
I've been mining since the beginning of December 2013 and I'm active in the new CASHcoin community. I see real potential in this coin in the long-term unlike SO DAMN MANY of these new hype and dump coins.
still not very sure about bitcoin although it is an interesting topic to get into. major problem is mining bitcoin now you definitely need some serious hardware to do it and if that will be a smart investment is the major question we have to ask ourself
I love this channel, but Linus makes an error regarding agreed value of gold/silver round 1:07. "... but unlike metals whose value we all agree on, with money we rely on someone else..."
The value of precious metals is subject to an agreement very similar to currency. If we, as a civilisation, all agreed gold wasn't worth much (perhaps due to better options for storing wealth, or more gold being mined), the value would plummet in markets. It has done so in the past.
Poppedcollar makes a similar point - that value is never static.
Uhhh kinda depends… you realize originally denominations such as a dollar was 1/20 an ounce of gold? Each government currency was a weight of gold.
So originally it was somewhat agreed upon. You bought something for a dollar you just bought it for 1/20th an ounce of gold.
I know this comment is ancient, but hope you bought crypto and are rich.
@@Bonanzaking Well... it's nice to matter eight years on from when I wrote. I didn't get crypto, but I'm doing okay
As for my comment, my view hasn't changed.
The man who predicted the Dogecoin in 2014 _/\_
Very, very interesting video... This makes me want to start mining now just for the hell of it. I'll take a look at the sub thread
Thank you, was waiting for some video about bit coins. Hope you make a more elaborate video on the main channel
Always listen to LTT, ALWAYS :')
Short & sweet very clear explanation!
Linus, you are EXCELLENT at presenting information in these videos.
Your videos really motivate me to know more because they deliver concise information that is clear and entertaining for me.
Thank you so much!
Good, concise explanation. Thanks.
i'm a btc enthusiast, nice explanation
been waiting for this thanks linus! :D btw may i ask... is it true about a drop in price of radeon r7 series cards? O.o
it is true :P
central branks...
***** hitler
So, you can't have banks, who lend out bitcoins..?
Yes you can, but the banks aren't owned by a government and only the market's demand and supply determines the value.
Yes but, they can't lend out money, because every bitcoin has a unique key, so you can't lend out bitcoin you don't own, which would make a difference.
smooth transition to the advertisement there dude:D
A lot of people in the comments as well as the creators of the video have limited knowledge of what money really is and how it works. But I guess it's good enough for a "quickie" video.
Great video intro to Bitcoins.
Hey Linus,
Can you explain about FAT32, NTFS (and those kinds of stuff) as fast as possible? Thanks! :)
Who’s here in 2021!!! Dogecoin to the 🌙 😆
Linunus in under 1 minute explained my first 1st year of economy university, lol
When it comes to this topic I have been really interested because the point of the value of something decreasing or increasing depending on how exeptable it is was awasome . The exchange rate of bitcoins was also really less compared to actual (as in if I wanted to give money to a friend through a bank to bank would have you give a extrobident fee but from bitcoin wallate to wallet it's really less or none at all )
Techquickie this is what we need (toys vs games video). Jump to the tech news/politics world.
Ok. Interesting and simple video... awesome and eazy to understand
Dogecoin. Play it. Learn it. Love it.
GabeN Coin master race.
That motherfucking segue.
Usually I clock out at the end of the vids, but that was too funny to ignore.
alright... how do I get started and why did I not buy a few R9 cards when they came out?
Global economy lesson?
Linus: getting funnier by the day 0.0
I'm failing to see how this will be different than what we have now. The banks and federal reserve could still get their hands on it.
Toronto Eaton Centre at 0:25 !
What? Wait... are we not carrying around bolts of cloth anymore? That explains a few things...good summary for folks not familiar with these cryptocurrencies.
Dear Linus, you should devote your life to Dogecoin. You could be a very rich Shibe. Just build a dedicated Dogecoin miner and life the Doge dream.
Yours forever, Pat Sajak.
#thanks_based_doge
Removing the gold standard abd allowing the government to print money I'd essential to a modern economy. It allows us to control recessions and inflation rather than have the economy do whatever causing extreme lows and extreme highs, both of which are really bad. I hate the idea of cryptocurrency and believe China and Russia did the right thing when banning it. It allows a private firm to print money without consent and removes/ decreases the governments ability to control currency.
0:25 is that Eaton center in Toronto?
About the e-coin stuff, are they exist physically or just in the internet?
You can get paper wallets.
Just online or on your harddrive
Wow. You just explain some problems of our monetary system at the same time. Spread that info.
All that went through my head while watching this video were the lyrics to Money by Pink Floyd
Do you use a green screen or a blue screen?
But you already get a free book without a referral. Linus... Naughty.
In Doge we trust
Most paper currencies won't be around in 100 years. Just.. you know.. statistics.
this was 7 years ago
I was expecting him to explain differences between bit coin, lite coin, and other currencies. Also, I have been mining lite coin a long time and I'm kinda rich.
So in a theory we have currency that is created by solving puzzles that really don't benefit anyone i.e. money is coming from nothing and it isn't really disappearing ether...
Sounds legit.
Exactly my concern as well. Why didn't they link the problems to some real cause? Then the value of the coin could be related to their humanitarian contribution. There are plenty of distributed computing causes already available to choose from.
Just like actual currency, that comes from nothing. Say you get a mortgage from a bank and pay an £8,000 deposit, they lend you £80,000 to buy the house and you have to pay them back with 5% interest or so for 25 years.
That money they lent you wasn't actually there, it didn't exist until they issued the credit. The fractional reserve bank, the central bank and reserve allow them to create that money out of thin air as long as they have a certain percentage of it as a deposit.
Dollar, Great British Pounds, Euros, whatever its all created the same way. A banker types a number into a computer and "poof" its injected into the economy from nowhere.
The modern banking and currency systems are a scam, a giant Ponzi scheme.
Tuberuser187
While I agree that our official currency is screwed up in some ways, I trust it a lot more because I know where my money came from and can remember each hour of work which went into my respect of its value. My aching back and my services are my contribution to our official currency's value. If I do borrow (which I rarely do), I pay it back plus interest and therefore in the end, the work I put into paying off my loan validates the value of the money which originally "came from nothing". What contribution does crypto-crunching provide? Elevated graphics card prices and increased power usage? Doesn't seem like those contributions have any value to society.
ty_ger Crypto Currency won't lead to these periodic big banking crashes, I don't see it putting millions below the poverty line because they lost their jobs. With de-regulation and the repeal of acts like Glass-Steagall we will see more and more of these crashes
Besides all your aching back earned you was some of the fake money the banks created out of thin air, you might not borrow personally but the money you earned with the sweat of your brow was created by someone that did and it gets passed around. It might have been a consumer loan or might have been the results of investment banking or derivative trading, did you go and dig some gold out the ground and trade it? I guess not, all we earn for our hard work is monopoly money that only has value while people attribute value to it.
When that confidence is lost or the artificial props that maintain the illusion collapse those computer digits and pieces of paper won't even be worth the cost of the electric that runs the server or the value of the paper they are printed on, hyper inflation is no joke and cripples nations.
Most industries are either wealth re-distributors, wealth destroyers or currency creators.
Very, very few professions are wealth creators and the ones that do have that wealth sucked out of them by the wealth destroyers in the financial system, when they add value to the economy its immediate undermined by the bankers and traders and that wealth is worth less than when it was created.
I think a few pissed AMD fanboys doesn't really compare to the all of that bullshit.
I should add that I am not trying to call you out or anything, just pointing out that the currencies we use are just as worthless and volatile as Crypto Currency.
Tuberuser187
First, there are no big banks which run on cypto-currency. So your opening premise is absurd. But, to follow your premise, what if Magic The Gathering Online eXchange ("MtGox") was a big bank. When it crashed (which it has already done and taken lots of people's money with it), wouldn't that have already proven your
premise wrong?
Like I already said, our official currency has some problems, yes. Corruption and greed is at the root of our problems.
But, as I said, at least our official currency has a lot of people's daily occupations going into their respect and value of the the currency. Crypto-currency has zero real value because the Crypto-currency does not produce anything useful. Sure, it is a lot of work for your computer to produce the coin, but other than the coin, nothing is produced. All that is "created" is waste and a coin. There is no value to the work.
If you think corruption and greed will not affect crypto-currency, you are naive. If you think that some of the currently excessively numerous types of crypto-currency will not crash or fail and subsequently cause many people to lose money, naive once again. If you think that there is no corruption or price fixing currently taking place in the crypto-currency exchanges, naive.
Crypto-currency has potential, but it is equally subject to corruption and greed and unfortunately is poorly planned in relation to doing any real work useful to anyone in society. Instead of being useful to the society, crypto-currency is all about me me me and how fast I can make a quick buck while the charade lasts.
If you had invested in Bitcoin on the day this video was released then you would have been a millionaire today.
the sound in this video is considerably lower then your other vids?
i loled at the fact that he showed Mt.Gox and in the BTC community we all knew they were unqualified to operate a Bitcoin exchange and now they are insolvent. Bouyah!
Nice Vsauce grade explanation of money
Bitcoin rules!
dogecoin to the moon!
wow that intro into audible
The thing that irks me are all these investment bankers and stock brokers treating bitcoin like stocks. They aren't contributing the work needed to generate the currency, but they're still buying and selling it like crazy, making the value go up, but not increasing the supply. I think there's a possibility of BTC becoming too sought after by 'normal people' who don't understand how cryptocurrencies work and not enough by people who do understand.
***** I, uh... Can't tell if that was an insult or not.
***** well, I was more referring to the guys who do nothing but buy and don't help mine the currency. I don't keep up to date with it much, but it just seems like all these people doing nothing buy buying it can't be good for the market.
No biggie but we would still desire and require more than those needs and gold and other currencies were used long before 18th century.
the problem with a completelly anonymous descentralized criptocurrency is nobody could catch you if you steal a criptowallet or a cryptobank, or the owner of an exchange site decides to close and leave with all the criptocurrency in his servers... who are you going to ask for help to retrieve a currency that is untraceable and anonymous?
No one, that's the drawback! Bitcoin is inherently unsafe against hackers/thiefs and generally unstable (though that used to be alot worse). It's why I usually never keep more than 500$ in my bitcoin wallet at any given time.
the simple solution is to not hand your coins over to someone else to hold. Hold any significant amount of bitcoin yourself in a secure manner, such as a hardware wallet or a paper wallet.
That is why you do not leave it in a cryptobank.
i am just learning about the coin age. seems like there are allot of faithless peoples out there. that need people to tell them something is valuable. it looks interesting, litecoin may be the future ... we'll for me.
i may be able to the the 4 r9 290 ... i am still looking into it though
Disappointed that you used MT GOX as the exchange example because they are one of the worst to use.
Doge coin mining. Works well on NVIDIA cards.
can you make a video about blockchain??
Bitscoins are a bit dodgy now
But digital currencies like units might be a thing
Oh the fun hackers will have that time(or whatever people likes to take away and what not)
BRUH HOW DID YOU KNOW, NOW BIT COIN IS FAMOUS
Where does cryptocurrency suppliers get income from?